Debt relief, trying to fix credit, no idea where to begin hellp pleease?
Question:
Answer:
Read this entire site, and do not hire a credit counselor until reading their advice. Most "credit counselors" are scavengers looking to take advantage of people who are desparate for help.
http://www.ftc.gov/bcp/conline/edcams/cr...
Try seeing a financial advisor.
Debt consolidation:
get all your bills and debts out and total them all up
shop around and seek the lowest interest rate loan to cover the total. take out the loan over the longest period of time and pay it off ALWAYS on time ALWAYS - this will help fiu your credit. Usually the monthly amount you need to pay is less than what you pay monthyl just to try to get rid of them.
If you only pay off some of the debt with the loan then ALWAYS pay off the debt with the highest interest rate (eg. credit cards).
It is always helpful to try to contact the people you owe money to and offer them a cash settlement if they reduce the debt. It is in their best interest for you to pay a smaller amount of straight away than take years paying off tiny bits.
When you have worked out the lowest amount you need to pay then seek out a loan - DO NOT GO TO LOAN SHARK type people - go to a bank or someone reputable.
If you cannot get a loan ring EVERY ONE of the people you owe money to and explain you are hard up and will be paying off the money regularly and slowly and that is all you can do at the moment.
NEVER ignore warning letters or bills
ALWAYS pay when you say you are going to or contact them
I know it is really hard but it can be done
Also I agree with the first person - go get some financial conselling - sometimes this is available at Gov or church type agencies. they have all kinds of tricks up their sleeves like knowing how to access your superannuation and other ideas.
Goodluck - you can do it - better to do it NOW than wait til the shite really hits the fan.
The biggest beginning to fixing your credit history and debt is to first, have a source of income. Next is to get rid of unnecessary payments (for example, shopping because you really liked those jeans, eating out). And with your source of income, allocate AS MUCH AS POSSIBLE to pay off your highest interest debt. The best way to fix your credit is to lower your DTI (debt to income ratio) and time to pay off/pay on-time. Best of wishes.
hmm relax, been there, I was helped by NHBS, Inc free guides , let me look at my files.
see here are the resources I am telling you about, one is a free credit building ebook and one is an online guide
There is a great place to go with this. I was in a very similar situation.
This is getting help from real people without the use of banks or credit card companies. Good Luck!
http://www.prosper.com/join/lzc5wh...
More Related Questions & Answers...